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Sirius XM in mixed fourth quarter update

Last updated: 14:01 31 Jan 2018 EST, First published: 04:01 31 Jan 2018 EST

Radio receiver
The company added 527,000 net new self-pay subscribers in the fourth quarter

Satellite broadcaster Sirius XM Holdings Inc (NASDAQ:SIRI) reported a fourth-quarter loss despite revenues coming in ahead of Wall Street's expectations.

The fourth quarter net loss was US$37mln, compared to a profit of US$205mln in the fourth quarter of 2016.

Q4 capped strong year for SiriusXM

The loss per share was a penny, versus earnings per share of four US cents the year before.

Revenue reached a record level of US$1,404mln, up 8% year-on-year and ahead of the Street's consensus forecast of US$1,398mln.

Subscriber revenue accounted for the bulk of turnover, rising to US$1,147mln from US$1,074mln the previous year.

The company added 527,000 net new self-pay subscribers in the fourth quarter and 1.56 million for the full-year to end 2017 with around 27.5 million self-pay subscribers.

Total net additions in the fourth quarter and full-year were 569,000 and 1.39 million, respectively, taking the company's total subscriber count to roughly 32.7 million at the year-end – excluding the 2.8mln or so SiriusXM Canada subscribers.

The company also provides traffic services to around 7.5 million vehicles.

"The fourth quarter capped a strong year for SiriusXM and was our best quarter for self-pay subscriber growth in five years. We exceeded all of our 2017 subscriber and financial guidance, even after increasing these targets during the year,” said Jim Meyer, the chief executive officer of SiriusXM.

“I am particularly pleased that we achieved this growth in an environment of slowing auto sales. Earlier this month, we outlined our goals to grow subscribers, revenue and adjusted EBITDA in 2018, and at the Detroit Auto Show, we unveiled with Fiat Chrysler the new Ram 1500, which will soon be available to consumers with our new 360L interface," he added.

The shares were down 1.3% at US$5.87 in pre-market trading. In the regular sesson they added 2.6% to US$6.11.

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